The Nigerian Senate has raised a red flag over alleged discrepancies amounting to over ₦200 trillion in the audited financial statements of the Nigerian National Petroleum Company Limited (NNPC). The alarm was sounded by the Senate Public Accounts Committee, chaired by Senator Aliyu Wadada, during an investigative session held in Abuja.
Appearing before the committee was NNPC’s Chief Financial Officer, Mr. Dapo Segun, who faced intense questioning over unexplained legal and auditing fees, as well as contradictions in reported receivables spanning from 2017 to 2023.
According to Senator Wadada, the figures presented in NNPC’s audited reports are “mind-boggling and deeply troubling.” He noted that the committee found no documentation justifying the massive legal expenses, nor any clarity on the auditors’ charges. More alarmingly, he cited serious contradictions in the receivables, reportedly over ₦210 trillion, between official records and new documents submitted during the session.
“The document presented today doesn’t align with the previously audited reports—it’s contradictory and raises serious questions,” the committee chairman stated.
The committee emphasized that its concerns are based strictly on official financial statements, not hearsay. To that end, 11 queries have been issued to NNPC’s finance department, with a one-week deadline to provide comprehensive explanations.
Senator Wadada reaffirmed the Senate’s commitment to financial accountability, warning that under President Bola Tinubu’s Renewed Hope agenda, transparency in public finances cannot be compromised.
